Silicone Elastomers in Industrial Products is the Largest Segment Driving the Growth of Silicone Elastomers Market
Market Overview:
Silicone elastomers are heat resistant, lubricious and chemically inert rubbers that exhibit good electrical insulation. They withstand ultraviolet radiation, ozone, moisture and temperature extremes better than other materials. Their advantages include resistance to chemicals, high temperatures and wide service temperature range.
Market key trends:
One of the key trends in the market is the increasing demand from industrial applications. Silicone elastomers are widely used in various industrial products owing to their superior properties such as heat resistance, flexibility, weather resistance and longevity. They are used in seals, O-rings, gaskets and hoses for sealing, insulating and damping high-temperature applications in industries such as automotive, construction, electrical & electronics and industrial machinery. Growing industrial manufacturing across the globe is expected to drive the demand for silicone elastomers over the forecast period.
SWOT Analysis
Strength: Silicone elastomers exhibits high temperature resistance and flexibility. They offer excellent elasticity and resilience even at high and low temperatures.
Weakness: Silicone elastomers have high production costs. They also require specialized manufacturing processes.
Opportunity: Increasing demand from end-use industries such as automotive, consumer goods, construction, and healthcare is driving the silicone elastomers market. Growing application in prosthetics and medical devices also presents an opportunity.
Threats: Stringent regulations pertaining to silicone polymer production can hamper market growth. Availability of substitute products also poses a threat.
Key Takeaways
The global Silicone Elastomers Market Demand is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from end-use industries such as automotive, consumer goods, and healthcare.
Regional analysis: Asia Pacific dominates the global market and is expected to grow at a fastest pace during the forecast period. This can be attributed to expansion of end-use industries and rising construction activities in developing economies such as China and India.
Key players operating in the silicone elastomers market are Dow Inc. (US), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (US), Shin-Etsu Chemical Co., Ltd (Japan), China National Bluestar (Group) Co., (China), Reiss Manufacturing Inc. (US), and CHT Germany GmbH (Germany). The market leaders are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
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